Recurring Deposit Interest Rates for 1 Year (as on 06 Mar 2021)
- Recurring Deposit Interest Rate For Indian Banks
- Recurring Deposit Interest Rates In Axis Bank
- Recurring Deposit Calculator Online
- Recurring Deposit Interest Rates In Post Office
Are you looking for an investment opportunity where you can make regular savings and earn interest? A Recurring Deposit (RD) may be the answer for you. You can make small contributions at regular intervals and get rewarded with interest on your savings. Are you looking for an investment opportunity where you can make regular savings and earn interest? A Recurring Deposit (RD) may be the answer for you. You can make small contributions at regular intervals and get rewarded with interest on your savings.
The highest interest rate is offered by North East Small Finance Bank Limited (for 12 months) at 7.5% and Utkarsh Small Finance Bank (for 12 months) at 7.25% followed by Suryoday Small Finance Bank (for 12 months) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Indusind Bank | 7.00% | |
| Rbl Bank | 7.00% | |
| Yes Bank | 6.75% | |
| Allahabad Bank | 6.75% | |
| The Nainital Bank | 6.70% | |
| Dcb Bank | 6.50% | |
| United Bank Of India | 6.50% | |
| Standard Chartered Bank | 6.30% | |
| Laxmi Vilas Bank | 6.00% |
Recurring Deposit Interest Rates for 2 Years (as on 06 Mar 2021)
The highest interest rate is offered by North East Small Finance Bank Limited (for 2 years) at 8.00% and Utkarsh Small Finance Bank (for 2 years) at 7.25% followed by Suryoday Small Finance Bank (for 2 years) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Indusind Bank | 7.00% | |
| Rbl Bank | 7.00% | |
| The Nainital Bank | 6.90% | |
| Dcb Bank | 6.80% | |
| Yes Bank | 6.75% | |
| Allahabad Bank | 6.60% | |
| United Bank Of India | 6.25% | |
| Standard Chartered Bank | 6.20% | |
| Bandhan Bank | 6.00% |
Recurring Deposit Interest Rates for 3 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 3 years) at 8.10% and North East Small Finance Bank Limited (for 3 years) at 8.00% followed by RBL Bank Limited (for 3 years) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Rbl Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Yes Bank | 6.75% | |
| Indusind Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| United Bank Of India | 6.25% | |
| Standard Chartered Bank | 6.00% | |
| Laxmi Vilas Bank | 6.00% |
Recurring Deposit Interest Rates for 4 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 4 years) at 7.75% and Fincare Small Finance Bank Ltd (for 4 years) at 7.30% followed by Utkarsh Small Finance Bank (for 4 years) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Indusind Bank | 6.75% | |
| Yes Bank | 6.75% | |
| Rbl Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| Laxmi Vilas Bank | 6.00% | |
| Standard Chartered Bank | 6.00% | |
| United Bank Of India | 6.00% |
Recurring Deposit Interest Rates for 5 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 5 years) at 8.25% and Utkarsh Small Finance Bank (for 5 years) at 7.25% followed by DCB Bank Limited (for 5 years) at 6.95%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Indusind Bank | 6.75% | |
| Yes Bank | 6.75% | |
| Rbl Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| Deustche Bank | 6.25% | |
| Laxmi Vilas Bank | 6.00% | |
| Standard Chartered Bank | 6.00% |
Recurring Account Key Features
- One of the best way of investment of your savings which is offered by almost all the banks in India.
- It facilitates small savings with flexible amounts and tenures.
- It inculcates a regular habit of saving for future needs.
- It is available from minimum of 6 months to a maximum of 10 years with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96, 108 and 120 months.
- It can be opened for monthly instalments of Rs 100 and thereafter, in multiples of Rs 100.
- Once the RD account becomes active, the customer can not change the amount of the installment or the tenure.
- Standing instruction for transferring the monthly instalments from the customer's SB / CA account is accepted.
- Very popular among the salaried class persons.
- Best for those who can afford to save only a few thousand rupees per month.
- Almost all the banks do quarterly compounding in case of RD.
- On maturity date, the RD holder is paid the maturity value i.e. the principal and the interest earned.
- RD accounts can be prematurely closed and banks generally deduct some penalty as per the clauses of the bank.
- Partial withdrawals are not allowed.
- A penalty is levied upon a delayed payment or missing installment.
- Some banks have a loan facility against the RD on pledging the RD as collateral.
- Nomination facaility is available.
More Calculators:
A recurring deposit is a type of term deposit offered by banks / financial institutes which assist people with regular incomes to deposit a fixed amount every month into their RD account and earn interest at the rate applicable.
Recurring deposit (RD) allows customers an opportunity to build their savings via regular monthly deposits of a fixed sum over a fixed period of time.
Recurring deposit matures on a specific date in the future along with all the deposits made every month
It is similar to a fixed deposit of a certain amount in month-to-month installments.
The minimum tenure of this deposit is six months and maximum is ten years.
Compound interest is added to recurring deposit at the end of every financial quarter.
Rate of interest of 5% to 7.25% is offered on RD by various financial institutions.
M =R[{(1+i)^n} – 1] ÷ 1-{(1+i)^(-1/3)}
M = Maturity value of the RD
R = Monthly RD installment to be paid
n = Number of months (tenure)
i = Rate of Interest / 400
Let’s consider an example to understand this better,
You invest a principal amount of 500 for a period of 60 months at an interest rate of 6% and it is compounded quarterly.
M =R[{(1+i)^(n/3)} – 1] ÷ 1-{(1+i)^(-1/3)}
M =500[{(1+(6/400))^(60/3)} – 1] ÷ 1-{(1+(6/400))^(-1/3)}
M =500[{(1+(0.015))^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}
M =500[{(1.015)^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}
M= 35,031.78
Maturity amount in this case at the end of 30 months will be 35,031.78.
Banks / Financial companies | Normal Interest Rates | Senior Citizen Interest | ||
less than 5 Years | More than 5 Years | less than 5 Years | More than 5 Years | |
State Bank of India | 5.30% | 5.80% | 5.40% | 6.20% |
AXIS Bank | 5.50% | 6.00% | 5.50% | 6.00% |
ICICI Bank | 5.35% | 5.85% | 5.50% | 6.30% |
HDFC Bank | 5.35% | 5.85% | 5.50% | 6.00% |
Union Bank of India | 5.45% | 5.95% | 5.45% | 5.95% |
IDBI Bank | 5.30% | 5.90% | 5.30% | 5.90% |
Kotak Mahindra Bank | 4.90% | 4.50% | 5.40% | 5.00% |
Yes Bank | 7.00% | 6.75% | 7.75% | 7.25% |
Federal Bank | 5.35% | 5.50% | 5.85% | 6.00% |
IndusInd Bank | 6.75% | 6.65% | 7.25% | 7.15% |
Punjab National Bank | 5.30% | 5.30% | 6.05% | 6.05% |
Bank of Baroda | 5.30% | 5.30% | 5.80% | 6.30% |
Bank of Maharashtra | 5.00% | 5.00% | 5.50% | 5.50% |
Indian Overseas Bank | 5.45% | 5.45% | 5.95% | 5.95% |
IDFC Bank | 6.75% | 6.25% | 7.25% | 6.75% |
Note: Please refer to the respective bank websites and confirm the interest rates before investing. The above chart is updated in August 2020.
High Interest rates.
Useful for short term goals.
A Flexible amount can be invested.
Loan on Recurring deposit
Penalty / Charges vary from bank to bank. However, it is observed that maximum of 2% of agreed upon interest rate is charged on premature withdrawing.
Please refer the below links for detailed chart on interest rates:
SBI – https://www.sbi.co.in/web/personal-banking/investments-deposits/deposits/recurring-deposit
Axis – https://www.axisbank.com/retail/calculators/recurring-deposit-calculator
Recurring Deposit Interest Rate For Indian Banks
ICICI – https://www.icicibank.com/Personal-Banking/account-deposit/recurring-deposits/index.page
Recurring Deposit Interest Rates In Axis Bank
HDFC – https://www.hdfcbank.com/personal/resources/rates
Union Bank – https://www.unionbankofindia.co.in/english/personal-recurring-deposit-scheme.aspx
IDBI Bank – https://www.idbibank.in/interest-rates.asp
Kotak Mahindra Bank – https://www.kotak.com/en/personal-banking/deposits/recurring-deposits/interest.html
Yes Bank – https://www.yesbank.in/personal-banking/yes-individual/deposits/recurring-deposit
Federal Bank – https://www.federalbank.co.in/deposit-rate
IndusInd Bank – https://www.indusind.com/in/en/personal/rates.html
Recurring Deposit Calculator Online
Punjab National Bank – https://www.pnbindia.in/Interest-Rates-Deposit.html
Bank of baroda – https://www.bankofbaroda.in/interest-rates-charges.htm
Bank of Maharashtra – https://www.bankofmaharashtra.in/domestic_term_deposits
Indian OverSeas Bank – https://www.iob.in/Domestic_Rates
Recurring Deposit Interest Rates In Post Office
IDFC Bank – https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/Interest-Rates/Interest-Rate-Retail.pdf